Spotting and Stopping Wire Transfer Scams

Information about Spotting and Stopping Wire Transfer Scams

Published on July 11, 2014

Author: oceansys1

Source: authorstream.com

Content

PowerPoint Presentation: Spotting And Stopping Wire Transfer Scams PowerPoint Presentation: Wire fraud is a serious problem in the U.S., stealing millions of dollars from consumers and legitimate businesses. According to a 2009 survey, about six percent of companies experienced wire fraud, up significantly from two years prior to the survey. The rise of e-commerce and online banking have made wire fraud more common, as an increase in electronic transfers of money has created growth in the opportunities for unscrupulous individuals to do mischief. Banks and financial institutions can protect themselves from wire fraud by using anti-fraud software. PowerPoint Presentation: Common Types of Wire Fraud Bogus buyers on classified ad purchases Bogus classified ad sellers The infamous “Nigerian Prince” scam Exorbitant food orders Relatives in need scams Advance-free loan offers Secret shopper job offers Fake lotteries Work-at-home schemes PowerPoint Presentation: How Banks Can Stop Wire Fraud Banks and financial institutions can protect themselves and their clients against wire fraud by investing in software that identifies patterns and sources of suspicious activity and efficiently flags and halts such activity. Software can also protect against malware and hacker attacks that contribute to wire fraud. PowerPoint Presentation: Ocean Systems FedLink Programs Ocean Systems FedLink programs help to automate and secure wire transfers. Automation reduces the opportunity for fraudulent activity by human actors. FedLink also helps facilitate transparency by posting entries to client accounts. PowerPoint Presentation: Ocean Systems Retina Software Ocean Systems’ key anti-fraud program, Retina helps provide financial institutions with the protection they need against unscrupulous individuals seeking to commit wire fraud. The program can: Monitor Fedwire , SWIFT, and ACH transfers Identify suspect activity Suspend suspect transactions Produce alerts PowerPoint Presentation: Ocean Systems Prevent Software Prevent is a risk-assessment program that uses your specific risk policy to analyze accounts to determine whether an account bears closer scrutiny. The software can provide real-time, up-to-date risk assessment. It can also be continuously updated with new information and risk factors through a fast and intuitive process. PowerPoint Presentation: Ocean Systems ECS Software ECS software monitors transactions for suspicious and possibly fraudulent transactions. The program monitors more than just individual transfers, it monitors patterns of transactions among groups and persons to identify potentially fraudulent or illegal behavior. PowerPoint Presentation: Worldwide Money Laundering In addition to wire fraud, money laundering is a huge problem for financial institutions and governments. An American Banker’s Association report says that about 3.7 percent of the world GDP, or $1.6 trillion is laundered each year. Laundered money supports and enables a number of destructive elements, including the drug trade, human trafficking and terrorism. Ocean Systems software can also combat money laundering and help keep banks in compliance with the law. PowerPoint Presentation: About Ocean Systems, Inc. Ocean Systems, Inc. develops electronic funds transfer software for the financial industry. OSI produces a number of software applications, including FedLink, the OFAC EDD Server and the Enhanced Compliance Solution to meet client needs for transfer and compliance solutions. Headquartered in Miami, Fla, OSI has been in business since 1991 and its products are used in more than 220 installations in the U.S., Europe, Central America, South America and the Caribbean. To learn more, please visit www.oceansys.com .

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